Blackstone Inc.

BX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY1999
Valuation
Market cap	$119,207	$130,901	$98,175	$54,481	$91,985	$46,074	$39,768	$21,192	$22,763	$19,216	$20,787	$30,984	$27,814	$12,513	$10,020	$7,748	$5,703	$2,638	$8,655	–	–	–	–	$9,980	–
Enterprise value	$143,097	$152,498	$118,771	$75,625	$110,794	$58,290	$57,467	$36,533	$42,794	$32,374	$31,068	$48,798	$45,836	$30,745	$7,586	$6,274	$5,008	$2,299	$8,317	–	–	–	–	–	–
P/E (TTM) at period end	39.48×	47.15×	70.58×	31.17×	15.70×	44.07×	19.40×	13.75×	15.47×	18.49×	29.29×	19.55×	23.75×	57.24×	–	–	–	–	5.33×	–	–	–	–	253.02×	–
P/S (TTM) at period end	8.25×	9.89×	12.24×	6.40×	4.07×	7.55×	5.42×	3.10×	3.19×	3.73×	4.47×	4.14×	4.21×	3.11×	3.08×	2.48×	3.22×	–	1.03×	–	–	–	–	31.37×	–
P/B at period end	13.76×	15.94×	14.40×	7.12×	9.76×	6.93×	5.67×	3.32×	1.68×	1.56×	1.73×	2.08×	1.93×	1.12×	1.08×	0.94×	0.87×	0.75×	2.05×	–	–	–	–	–	–
EV / EBITDA (TTM)	19.67×	23.25×	38.92×	21.42×	8.14×	21.97×	14.95×	10.33×	10.33×	13.41×	16.88×	12.15×	14.40×	29.31×	–	–	–	–	19.12×	–	–	–	–	–	–
EV / Sales (TTM)	9.90×	11.53×	14.80×	8.88×	4.91×	9.55×	7.83×	5.35×	5.99×	6.29×	6.69×	6.52×	6.93×	7.65×	2.33×	2.01×	2.82×	–	0.99×	–	–	–	–	–	–
Returns
Return on equity	34.8%	33.8%	20.4%	22.8%	62.2%	15.7%	29.2%	24.2%	10.9%	8.4%	5.9%	10.6%	8.1%	1.9%	(1.8%)	(4.5%)	(36.5%)	(159.4%)	38.4%	83.2%	72.9%	–	–	–	–
Return on invested capital	19.4%	18.7%	9.3%	11.0%	43.8%	12.0%	15.5%	15.1%	12.7%	11.5%	9.8%	14.9%	11.9%	3.5%	–	(6.9%)	(39.5%)	(93.2%)	2.9%	1.8%	5.8%	–	–	–	–
Dividend yield	5.0%	3.4%	4.3%	12.0%	5.0%	5.2%	6.0%	14.4%	12.5%	10.5%	16.8%	7.6%	5.3%	4.9%	7.0%	7.7%	4.6%	12.1%	0.9%	–	–	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.57×	1.53×	7.94×	11.32×	–	–	–	–	–
Debt / equity	1.45×	1.40×	1.70×	1.63×	0.84×	0.87×	1.67×	1.66×	1.13×	0.73×	0.56×	0.64×	–	1.20×	–	–	0.10×	0.11×	0.38×	0.36×	0.46×	–	–	–	–
Effective tax rate	15.7%	15.8%	17.4%	13.7%	8.7%	13.6%	(1.3%)	7.1%	18.0%	5.6%	10.5%	7.3%	8.1%	18.2%	447.5%	(16.2%)	(4.3%)	0.3%	0.5%	0.4%	0.2%	1.0%	1.3%	18.8%	2.2%
Share count
Diluted shares outstanding	780	767	755	741	720	697	676	1,207	666	1,195	1,188	613	591	539	476	364	289	268	260	184	184	184	189	189	189

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY1999
Revenue and gross profit
Revenue	$16,085	$14,450	$13,230	$8,023	$8,518	$22,577	$6,102	$7,338	$6,833	$7,145	$5,146	$4,647	$7,485	$6,613	$4,019	$3,253	$3,119	$1,774	($349)	$8,441	$8,708	$5,457	$503	$1,094	$318	$3,629
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$16,085	$14,450	$13,230	$8,023	$8,518	$22,577	$6,102	$7,338	$6,833	$7,145	$5,146	$4,647	$7,485	$6,613	$4,019	$3,253	$3,119	$1,774	–	$8,441	$8,708	$5,457	$503	$1,094	$318	$3,629
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,712)	($1,525)	($1,362)	($1,117)	($1,093)	($918)	($712)	($679)	($595)	($489)	($542)	($576)	($549)	($474)	($549)	($566)	($466)	($444)	($441)	($476)	($266)	($155)	($78)	($68)	($38)	($214)
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,605)	($7,272)	($6,770)	($5,065)	($5,056)	($9,018)	($3,484)	($3,520)	($3,320)	($3,027)	($2,765)	($2,832)	($3,498)	($3,465)	($3,005)	($3,388)	($4,144)	($4,242)	($5,259)	($8,124)	($8,103)	($4,226)	$961	($224)	($176)	($1,769)
Operating income	$8,480	$7,178	$6,459	$2,958	$3,462	$13,559	$2,618	$3,818	$3,513	$4,118	$2,382	$1,815	$3,987	$3,149	$1,015	($135)	($1,025)	($2,468)	($5,608)	$317	$604	$1,230	$1,464	$870	$142	$1,860
Earnings
EBITDA	$8,514	$7,276	$6,558	$3,052	$3,531	$13,612	$2,653	$3,844	$3,537	$4,143	$2,414	$1,841	$4,015	$3,182	$1,049	($104)	($1,001)	($2,451)	($5,455)	$435	–	–	–	–	–	–
Interest income	–	$416	$411	$516	$272	$161	$125	$182	$172	$140	$96	$95	$70	$65	$40	$37	$36	$23	$31	–	–	–	–	–	–	–
Interest expense	($543)	($508)	($444)	($432)	($317)	($198)	($166)	($200)	($164)	($197)	($153)	($145)	($122)	($108)	($73)	($58)	($41)	($13)	($23)	($32)	($37)	($24)	–	–	–	($46)
Pre-tax income	$8,151	$7,172	$6,459	$2,958	$3,462	$13,559	$2,618	$3,818	$3,513	$4,118	$2,382	$1,815	$3,987	$3,149	$1,015	$77	($523)	($2,291)	($5,608)	$5,708	$8,154	$5,277	$1,539	$953	$49	$2,081
Income tax expense	($1,290)	($1,125)	($1,022)	($513)	($473)	($1,184)	($356)	$48	($249)	($743)	($132)	($190)	($291)	($256)	($185)	($346)	($85)	($99)	$14	($26)	($32)	($12)	($16)	($12)	($9)	($46)
Net income	$3,556	$3,019	$2,777	$1,391	$1,748	$5,857	$1,045	$2,050	$1,542	$1,471	$1,039	$710	$1,585	$1,171	$219	($268)	($607)	($2,391)	($5,594)	$1,623	$2,266	$1,331	$1,523	$941	$39	$2,035
Per share
Diluted EPS (GAAP)	$4.50	$3.87	$3.62	$1.84	$2.36	$8.13	$1.50	$3.03	$2.26	$2.21	$1.56	$1.04	$2.58	$1.98	$0.41	($0.35)	($1.02)	($2.48)	($4.33)	$6.24	$12.33	$7.24	$8.28	$4.97	$0.21	$10.75
Basic EPS (GAAP)	$4.50	$3.87	$3.62	$1.84	$2.36	$8.14	$1.50	$3.03	$2.27	$2.21	$1.60	$1.12	$2.60	$2.00	$0.41	($0.35)	($1.02)	($2.48)	($4.33)	$6.24	$12.33	$7.24	$8.28	$4.97	$0.21	$10.75
Basic shares outstanding	791	780	766	755	741	720	697	676	679	665	649	634	609	587	534	476	364	289	268	260	184	184	184	189	189	189
Margins
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	–	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	52.7%	49.7%	48.8%	36.9%	40.6%	60.1%	42.9%	52.0%	51.4%	57.6%	46.3%	39.1%	53.3%	47.6%	25.2%	(4.2%)	(32.8%)	(139.2%)	1605.3%	3.8%	6.9%	22.5%	290.9%	79.5%	44.6%	51.3%
Net margin	22.1%	20.9%	21.0%	17.3%	20.5%	25.9%	17.1%	27.9%	22.6%	20.6%	20.2%	15.3%	21.2%	17.7%	5.4%	(8.3%)	(19.5%)	(134.8%)	1601.3%	19.2%	26.0%	24.4%	302.6%	86.0%	12.4%	56.1%

Analyst consensus

Buy30 analysts

Bearish · 1 · Hold · 10 · Bullish · 19

Earnings history

	EPS	Estimate
Q4 2024	$1.69	$1.48	Beat
Q1 2025	$1.09	$1.05	Beat
Q2 2025	$1.21	$1.10	Beat
Q3 2025	$1.52	$1.23	Beat
Q4 2025	$1.75	$1.54	Beat
Q1 2026	$1.36	$1.34	Beat
Q2 2026	$1.52	$1.34	Beat
Q3 2026	$1.32	$1.26	Beat

Peers

Company overview

IPO dateJun 22, 2007

CEOStephen Allen Schwarzman

Employees5,285

SectorFinancial Services

IndustryAsset Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.blackstone.com

Blackstone Inc. operates as a prominent alternative asset manager, specializing in a broad spectrum of investment strategies. Its expertise encompasses real estate, private equity, credit solutions, comprehensive hedge fund offerings, public debt and equity, multi-asset class approaches, and secondary funds of funds. While often backing nascent businesses, the firm also extends its services to capital markets. Its real estate division targets diverse opportunities: high-potential opportunistic ventures, core-plus assets, and stable, income-generating commercial properties. Additionally, it engages in debt investments secured by commercial real estate. These activities span North America, Europe, and Asia. Blackstone's global private equity arm executes varied transactions, including substantial buyouts, mid-market acquisitions, special situations, and distressed mortgage loans. They also manage "buy and build" platforms, which involve consolidating multiple acquisitions under a single management team, alongside growth equity and development projects, often taking significant majority stakes or minority positions in operating companies. The scope of its investments covers sectors like shipping, real estate, corporate and consumer debt, and greenfield alternative energy projects in energy, power, and property development. The firm actively seeks opportunities in dislocated markets, shipping, financial institution breakups, reinsurance, and initiatives aimed at improving freight mobility. Key industry focuses further include financial services, healthcare, life sciences, enterprise technology, and consumer goods, including consumer tech. Beyond these, it actively explores investment prospects across Asia and Latin America, typically maintaining a three-year investment period for its ventures. The hedge fund business provides a broad range of commingled and customized fund solutions. Concurrently, its credit division concentrates on loans and securities issued by non-investment grade entities. These span the entire capital structure, encompassing senior debt, subordinated debt, preferred stock, and common equity. Established in 1985, Blackstone Inc. is headquartered in New York City, with a significant global presence through additional offices throughout Asia, Europe, and North America.

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